Business Protection

Put the right plan in place to protect your business, and give yourself one less thing to worry about.

Are you prepared for the unexpected?

Business protection is often overlooked. Yet if the unexpected happens, it’s best to be prepared so your business doesn’t suffer.

This is where business protection cover comes in. If you lose one of your key people or business owners due to death, critical illness or temporary disablement, it will make sure you can continue with minimal disruption.

What are my options?

Business protection is highly flexible. It can cover partnerships, shareholders, sole traders, and key employees. You can even use it to guarantee repayment of a business loan in the event of the death or critical illness of a partner, key person, or sole trader.

Key Person Protection
Shareholder Protection

Key person insurance is also known as key man insurance, or business life insurance.

It’s a policy your business takes out on the life of a key person. The business acts as the beneficiary of the policy and pays the monthly or annual premiums. If you make a claim on the policy, your business will get either one single payment or a regular monthly sum, depending on your agreement.

It’s all designed to protect your business when someone key to the running of your company passes away or finds themselves unable to work due to illness.

It’s a fact that as the leader of an SME, you’re far more hands-on in the day-to-day running of your business. So the loss of a partner, member or shareholder can have a huge impact on its performance.

Fortunately, there are two different ways to insure you against life’s unforeseen events:

Company Purchase

This policy lets the business buy the shares of a deceased or critically ill shareholder. Here, your business takes out a plan on the life of the shareholder. If they should pass away or become critically ill, the proceeds of the plan would be used by the business to buy the shares of the affected shareholder.

Individual Purchase

Secure both your family and business with our individual protection plan. Each business owner takes out coverage on their own life for their share of the business. In the unfortunate event of death or critical illness, the surviving owners receive the plan proceeds, enabling them to buy the shares of the affected owner.

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Don't wait for the worst to happen

Unsurprisingly, it’s often smaller businesses that overlook key person insurance. That’s because owners have more priorities to juggle and less room in their budgets for extra expenses. But these same businesses also have the greater need. A strong leader or highly skilled person is hard to replace. Losing just one employee could have a much bigger impact than in larger organisations.

Plus, the uncertainty can affect the remaining team. That’s why it makes sense to protect your business, even if it doesn’t seem urgent right now. Having key person insurance in place will give you and your team peace of mind. And should the worst happen, the financial fallout will be far less.

What’s more, your business will stay up and running, even during difficult times.

✔ Make up for loss of profits during business disruption

✔ Protect debt repayments

✔ Pay back a business overdraft or loan

✔ Cover employee salaries

✔ Pay for the recruitment of someone new

One less thing to worry about

At Allisons, we’re here for your business through good times and bad. So while no one likes to think about the worst, with our help, it’s quick and easy putting the right plan in place. Talk to us today and we’ll guide you through the entire process.

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